{\rtf1\mac\deff0 {\fonttbl{\f0\fnil Times New Roman;}}
{\info {\author .}{\company .}{\title .}{\creatim\yr2024\mo12\dy1\hr18\min23}}
\deflang1033\plain\fs24
{\footer\pard\qc\plain\f0\fs24\chpgn\par}
{
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(1)}\cell \pard\intbl\qc {(2)}\cell \pard\intbl\qc {(3)}\cell \pard\intbl\qc {(4)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\pard\intbl\ql {IMKL}\cell \pard\intbl\qc {-0.002{\super **}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(-2.44)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {IM}\cell \pard\intbl\qc {0.031{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.021{\super ***}}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(7.40)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(28.43)}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {lnage}\cell \pard\intbl\qc {0.086{\super ***}}\cell \pard\intbl\qc {0.086{\super ***}}\cell \pard\intbl\qc {0.094{\super ***}}\cell \pard\intbl\qc {0.094{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(48.01)}\cell \pard\intbl\qc {(48.06)}\cell \pard\intbl\qc {(41.71)}\cell \pard\intbl\qc {(41.76)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {lnage2}\cell \pard\intbl\qc {-0.021{\super ***}}\cell \pard\intbl\qc {-0.021{\super ***}}\cell \pard\intbl\qc {-0.022{\super ***}}\cell \pard\intbl\qc {-0.022{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(-44.76)}\cell \pard\intbl\qc {(-44.84)}\cell \pard\intbl\qc {(-37.50)}\cell \pard\intbl\qc {(-37.57)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {lnemployee}\cell \pard\intbl\qc {-0.009{\super ***}}\cell \pard\intbl\qc {-0.009{\super ***}}\cell \pard\intbl\qc {-0.011{\super ***}}\cell \pard\intbl\qc {-0.011{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(-12.02)}\cell \pard\intbl\qc {(-12.13)}\cell \pard\intbl\qc {(-12.87)}\cell \pard\intbl\qc {(-12.91)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {lnimv_firm}\cell \pard\intbl\qc {0.001{\super ***}}\cell \pard\intbl\qc {0.001{\super ***}}\cell \pard\intbl\qc {0.001{\super ***}}\cell \pard\intbl\qc {0.001{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(14.40)}\cell \pard\intbl\qc {(14.41)}\cell \pard\intbl\qc {(12.85)}\cell \pard\intbl\qc {(12.90)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {lngdp}\cell \pard\intbl\qc {0.024{\super ***}}\cell \pard\intbl\qc {0.024{\super ***}}\cell \pard\intbl\qc {0.032{\super ***}}\cell \pard\intbl\qc {0.032{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(6.78)}\cell \pard\intbl\qc {(6.73)}\cell \pard\intbl\qc {(7.44)}\cell \pard\intbl\qc {(7.36)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {lnpeople}\cell \pard\intbl\qc {-0.005}\cell \pard\intbl\qc {-0.005}\cell \pard\intbl\qc {-0.006{\super *}}\cell \pard\intbl\qc {-0.006{\super *}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(-1.52)}\cell \pard\intbl\qc {(-1.64)}\cell \pard\intbl\qc {(-1.83)}\cell \pard\intbl\qc {(-1.85)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {lncitywage}\cell \pard\intbl\qc {0.021{\super ***}}\cell \pard\intbl\qc {0.021{\super ***}}\cell \pard\intbl\qc {0.041{\super ***}}\cell \pard\intbl\qc {0.041{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(8.95)}\cell \pard\intbl\qc {(9.00)}\cell \pard\intbl\qc {(13.47)}\cell \pard\intbl\qc {(13.47)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {cpi}\cell \pard\intbl\qc {0.000{\super ***}}\cell \pard\intbl\qc {0.000{\super ***}}\cell \pard\intbl\qc {0.000{\super ***}}\cell \pard\intbl\qc {0.000{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(6.87)}\cell \pard\intbl\qc {(6.87)}\cell \pard\intbl\qc {(4.70)}\cell \pard\intbl\qc {(4.73)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {HHI}\cell \pard\intbl\qc {0.025}\cell \pard\intbl\qc {0.026}\cell \pard\intbl\qc {0.019}\cell \pard\intbl\qc {0.020}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(1.17)}\cell \pard\intbl\qc {(1.22)}\cell \pard\intbl\qc {(0.75)}\cell \pard\intbl\qc {(0.78)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {indemployeeshare}\cell \pard\intbl\qc {2.723{\super ***}}\cell \pard\intbl\qc {2.672{\super ***}}\cell \pard\intbl\qc {3.592{\super ***}}\cell \pard\intbl\qc {3.532{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(19.36)}\cell \pard\intbl\qc {(19.00)}\cell \pard\intbl\qc {(21.21)}\cell \pard\intbl\qc {(20.86)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {indsoeshare}\cell \pard\intbl\qc {0.035{\super ***}}\cell \pard\intbl\qc {0.034{\super ***}}\cell \pard\intbl\qc {0.065{\super ***}}\cell \pard\intbl\qc {0.063{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(6.69)}\cell \pard\intbl\qc {(6.43)}\cell \pard\intbl\qc {(9.25)}\cell \pard\intbl\qc {(8.98)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {indfoeshare}\cell \pard\intbl\qc {0.028{\super ***}}\cell \pard\intbl\qc {0.026{\super ***}}\cell \pard\intbl\qc {0.046{\super ***}}\cell \pard\intbl\qc {0.044{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(6.13)}\cell \pard\intbl\qc {(5.84)}\cell \pard\intbl\qc {(8.47)}\cell \pard\intbl\qc {(8.20)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {Intensive_IMKL}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {-0.006{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(-5.20)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {Extensive_IMKL}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.006{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(4.50)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {Intensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.047{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.019{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(8.81)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(22.48)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {Extensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {-0.009}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.017{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(-1.61)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(15.64)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {IMThreshold}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {-0.001}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(-0.53)}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {Threshold}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {-0.098{\super ***}}\cell \pard\intbl\qc {-0.096{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(-2.92)}\cell \pard\intbl\qc {(-2.82)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {Intensive_IMThreshold}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {-0.004{\super **}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(-2.48)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {Extensive_IMThreshold}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.001}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(0.42)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {_cons}\cell \pard\intbl\qc {1.043{\super ***}}\cell \pard\intbl\qc {1.049{\super ***}}\cell \pard\intbl\qc {0.668{\super ***}}\cell \pard\intbl\qc {0.676{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrb\brdrw10\brdrs\cellx1308\clbrdrb\brdrw10\brdrs\cellx2964\clbrdrb\brdrw10\brdrs\cellx4620\clbrdrb\brdrw10\brdrs\cellx6276\clbrdrb\brdrw10\brdrs\cellx7932\pard\intbl\ql {}\cell \pard\intbl\qc {(17.55)}\cell \pard\intbl\qc {(17.64)}\cell \pard\intbl\qc {(8.78)}\cell \pard\intbl\qc {(8.88)}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\pard\intbl\ql {{\i N}}\cell \pard\intbl\qc {2308574}\cell \pard\intbl\qc {2308574}\cell \pard\intbl\qc {1624268}\cell \pard\intbl\qc {1624268}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\pard\intbl\ql {adj. {\i R}{\super 2}}\cell \pard\intbl\qc {0.761}\cell \pard\intbl\qc {0.761}\cell \pard\intbl\qc {0.750}\cell \pard\intbl\qc {0.750}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrb\brdrw10\brdrs\cellx1308\clbrdrb\brdrw10\brdrs\cellx2964\clbrdrb\brdrw10\brdrs\cellx4620\clbrdrb\brdrw10\brdrs\cellx6276\clbrdrb\brdrw10\brdrs\cellx7932\pard\intbl\ql {year}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\pard\ql\fs20 {\i t} statistics in parentheses\par}
{\pard\ql\fs20 {\super *} {\i p} < 0.1, {\super **} {\i p} < 0.05, {\super ***} {\i p} < 0.01\par}
}
{\pard \par}
}
